Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 27, 2017 | Aug. 11, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Good Times Restaurants Inc. | |
Entity Central Index Key | 825,324 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 27, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-27 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 12,427,280 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 27, 2017 | Sep. 27, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,084 | $ 6,330 |
Receivables, net of allowance for doubtful accounts of $0 | 1,071 | 425 |
Prepaid expenses and other | 468 | 349 |
Inventories | 788 | 631 |
Notes receivable | 13 | 58 |
Total current assets | 6,424 | 7,793 |
PROPERTY AND EQUIPMENT: | ||
Land and building | 5,002 | 5,069 |
Leasehold improvements | 19,335 | 14,726 |
Fixtures and equipment | 19,456 | 15,316 |
Total property and equipment | 43,793 | 35,111 |
Less accumulated depreciation and amortization | (17,569) | (15,512) |
Total net property and equipment | 26,224 | 19,599 |
Assets held for sale | 1,221 | 93 |
OTHER ASSETS: | ||
Notes receivable, net of current portion | 49 | 59 |
Deposits and other assets | 229 | 268 |
Trademarks | 3,900 | 3,900 |
Other intangibles, net | 67 | 89 |
Goodwill | 15,150 | 15,076 |
Total other assets | 19,395 | 19,392 |
TOTAL ASSETS: | 53,264 | 46,877 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt and capital lease obligations | 17 | 19 |
Accounts payable | 3,301 | 1,918 |
Deferred income | 26 | 23 |
Other accrued liabilities | 3,022 | 3,162 |
Total current liabilities | 6,366 | 5,122 |
LONG-TERM LIABILITIES: | ||
Maturities of long-term debt and capital lease obligations due after one year | 4,144 | 19 |
Deferred and other liabilities | 5,378 | 3,938 |
Total long-term liabilities | 9,522 | 3,957 |
Good Times Restaurants Inc. stockholders' equity: | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of 6/27/17 and 09/27/2016 | 0 | 0 |
Common stock, $.001 par value; 50,000,000 shares authorized, 12,303,440 and 12,282,625 shares issued and outstanding as of 6/27/17 and 09/27/16, respectively | 12 | 12 |
Capital contributed in excess of par value | 58,800 | 58,191 |
Accumulated deficit | (23,716) | (22,125) |
Total Good Times Restaurants Inc. stockholders' equity | 35,096 | 36,078 |
Non-controlling interests | 2,280 | 1,720 |
Total stockholders' equity | 37,376 | 37,798 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 53,264 | $ 46,877 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 27, 2017 | Sep. 27, 2016 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 0 | $ 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 12,303,440 | 12,282,625 |
Common stock, shares outstanding | 12,303,440 | 12,282,625 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2017 | Jun. 30, 2016 | Jun. 27, 2017 | Jun. 30, 2016 | |
NET REVENUES: | ||||
Restaurant sales | $ 21,518 | $ 17,879 | $ 55,981 | $ 46,676 |
Franchise royalties | 184 | 187 | 515 | 546 |
Total net revenues | 21,702 | 18,066 | 56,496 | 47,222 |
RESTAURANT OPERATING COSTS: | ||||
Food and packaging costs | 6,822 | 5,563 | 17,591 | 14,853 |
Payroll and other employee benefit costs | 7,546 | 6,064 | 20,216 | 16,230 |
Restaurant occupancy costs | 1,484 | 1,309 | 4,207 | 3,603 |
Other restaurant operating costs | 1,896 | 1,546 | 5,003 | 4,129 |
Preopening costs | 819 | 127 | 1,737 | 1,428 |
Depreciation and amortization | 753 | 584 | 2,086 | 1,592 |
Total restaurant operating costs | 19,320 | 15,193 | 50,840 | 41,835 |
General and administrative costs | 1,831 | 1,585 | 5,222 | 4,701 |
Advertising costs | 514 | 419 | 1,357 | 1,137 |
Franchise costs | 28 | 28 | 80 | 82 |
Gain on restaurant asset sale | (6) | (7) | (17) | (19) |
INCOME (LOSS) FROM OPERATIONS | 15 | 848 | (986) | (514) |
OTHER INCOME (EXPENSES): | ||||
Interest income (expense), net | (49) | (24) | (105) | (90) |
Other income (loss) | (1) | (1) | (1) | (1) |
Total other expenses, net | (50) | (25) | (106) | (91) |
NET INCOME (LOSS) | (35) | 823 | (1,092) | (605) |
Income attributable to non-controlling interests | (212) | (276) | (499) | (645) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (247) | $ 547 | $ (1,591) | $ (1,250) |
BASIC AND DILUTED INCOME (LOSS) PER SHARE: | ||||
Net income (loss) attributable to Common Shareholders Basic | $ (0.02) | $ 0.04 | $ (0.13) | $ (0.10) |
Net income (loss) attributable to Common Shareholders Diluted | $ (0.02) | $ 0.04 | $ (0.13) | $ (0.10) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic | 12,301,007 | 12,270,900 | 12,296,793 | 12,264,622 |
Diluted | 12,301,007 | 12,544,001 | 12,296,793 | 12,264,622 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 27, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,092) | $ (605) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 2,244 | 1,669 |
Accretion of deferred rent | 422 | 288 |
Amortization of lease incentive obligation | (205) | (161) |
Stock-based compensation expense | 609 | 532 |
Recognition of deferred gain on sale of restaurant building | (19) | (19) |
Loss on disposal of assets | 2 | 0 |
Change in: | ||
Receivables and other | (646) | (554) |
Inventories | (157) | (92) |
Deposits and other | (124) | (192) |
Change in: | ||
Accounts payable | 745 | 115 |
Deferred liabilities | 1,257 | 1,989 |
Accrued and other liabilities | (161) | 637 |
Net cash provided by operating activities | 2,875 | 3,607 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments for the purchase of property and equipment | (11,178) | (6,910) |
Proceeds from sale leaseback transaction | 1,927 | 0 |
Payment for the purchase of non-controlling interests | (54) | 0 |
Proceeds from sale of assets | 0 | 6 |
Payments received from franchisees and others | 9 | 18 |
Net cash used in investing activities | (9,296) | (6,886) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from stock option exercises | 0 | 39 |
Borrowings on notes payable and long-term debt | 4,100 | 0 |
Principal payments on notes payable and long-term debt | (21) | (2,567) |
Net contributions (distributions) paid to non-controlling interests | 96 | (788) |
Net cash provided by (used in) financing activities | 4,175 | (3,316) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (2,246) | (6,595) |
CASH AND CASH EQUIVALENTS, beginning of period | 6,330 | 13,809 |
CASH AND CASH EQUIVALENTS, end of period | 4,084 | 7,214 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 55 | 141 |
Non-cash purchase of property and equipment | $ 682 | $ 555 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jun. 27, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Good Times Restaurants Inc. and its wholly-owned subsidiaries, Good Times Drive Thru, Inc. (“Drive Thru”), BD of Colorado, LLC (“BD of Colo”), Bad Daddy’s Franchise Development, LLC (“BDFD”) and Bad Daddy’s International, LLC (“BDI”) (together referred to as the “Company”, “we” or “us”). All significant intercompany balances and transactions have been eliminated in consolidation. Drive Thru is engaged in the business of developing, owning, operating and franchising hamburger-oriented drive-through restaurants under the name Good Times Burgers & Frozen Custard. Most of our Good Times restaurants are located in the front-range communities of Colorado, but we also have franchised restaurants in Wyoming. BD of Colo, BDI and BDFD are engaged in the business of licensing, owning and operating full-service hamburger-oriented restaurants under the name Bad Daddy’s Burger Bar. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America (“GAAP”) for interim financial information. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all of the normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, and cash flows for the periods presented. Results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The condensed consolidated balance sheet as of September 27, 2016 is derived from the audited financial statements, but does not include all disclosures required by generally accepted accounting principles. As a result, these condensed consolidated financial statements should be read in conjunction with the Company's Form 10-K for the fiscal year ended September 27, 2016. Fiscal Year – The Company changed its fiscal year from a 12-month year ending on September 30 to a 52-53-week year ending on the last Tuesday of September, effective with fiscal year 2016. In a 52-week fiscal year, each of the Company’s quarterly periods comprise 13 weeks. The additional week in a 53-week fiscal year is added to the first quarter, making such quarter consist of 14 weeks. The Company made the fiscal year change on a prospective basis and did not adjust operating results for prior periods. Our first three fiscal quarters of 2017 consisted of 39 weeks beginning on September 28, 2016 and ending on June 27, 2017, our first three fiscal quarters of 2016 consisted of nine calendar months beginning on October 1, 2015 and ending on June 30, 2016. Our first three fiscal quarters of 2017 included one less operating day than the first three fiscal quarters of 2016. Advertising Costs – We utilize Advertising Funds to administer certain advertising programs for both the Good Times and Bad Daddy’s brands that benefit both us and our franchisees. We and our franchisees are required to contribute a percentage of gross sales to the fund. As the contributions to these funds are designated and segregated for advertising, we act as an agent for the franchisees with regard to these contributions. We consolidate the Advertising Funds into our financial statements on a net basis, whereby contributions from franchisees, when received, are recorded as offsets to reported advertising expenses. Contributions to the Advertising Funds from our franchisees were $271,000 and $282,000 for the first three fiscal quarters of 2017 and 2016, respectively. Reclassification – Certain prior year balances have been reclassified to conform to the current year’s presentation. Such reclassifications had no effect on the net income or loss. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Jun. 27, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 2. Goodwill and Intangible Assets The following table presents goodwill and intangible assets as of June 27, 2017 and September 27, 2016 (in thousands): Jun 27, 2017 Sep 27, 2016 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets subject to Franchise rights 116 (52 ) 64 116 (34 ) 82 Non-compete agreements 15 (12 ) 3 15 (8 ) 7 $ 131 $ (64 ) $ 67 $ 131 $ (42 ) $ 89 Indefinite-lived intangible Trademarks $ 3,900 $ 0 $ 3,900 $ 3,900 $ 0 $ 3,900 Intangible assets, net $ 4,031 $ (64 ) $ 3,967 $ 4,031 $ (42 ) $ 3,989 Goodwill $ 15,150 $ 0 $ 15,150 $ 15,076 $ 0 $ 15,076 The Company had no goodwill impairment losses in the periods presented in the above table or any prior periods. There were no impairments to intangible assets during the three quarters ended June 27, 2017. The aggregate amortization expense related to these intangible assets subject to amortization was $21,000 for the three quarters ended June 27, 2017. The estimated aggregate future amortization expense as of June 27, 2017 is as follows (in thousands): Remainder of 2017 $ 6 2018 19 2019 10 2020 10 2021 10 Thereafter 12 $ 67 |
Common Stock
Common Stock | 9 Months Ended |
Jun. 27, 2017 | |
Common Stock | |
Common Stock | Note 3. Common Stock. On January 26, 2015, the Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC") which was declared effective by the SEC on March 25, 2015. The registration statement allows the Company to issue common stock from time to time up to an aggregate amount of $75 million, of which $22,688,052 has been issued. On May 7, 2015, the Company completed a public offering of 2,783,810 shares of its common stock, which included the full exercise of the underwriters’ over-allotment option, at $8.15 per share for net proceeds, after deducting underwriting discounts and commissions and offering expenses, of approximately $20.6 million. Net proceeds were used for the acquisition of BDI and to fund the remodeling and reimaging of existing Good Times Burgers & Frozen Custard restaurants, for the development of new Bad Daddy’s Burger Bar restaurants, as working capital reserves and for future investment at the discretion of our Board of Directors. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Jun. 27, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 4. Stock-Based Compensation Stock-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the grant). Our net loss for the three quarters ended June 27, 2017 and June 30, 2016 includes $609,000 and $532,000, respectively, of compensation costs related to our stock-based compensation arrangements. Stock Option awards The Company measures the compensation cost associated with stock option awards by estimating the fair value of the award as of the grant date using the Black-Scholes pricing model. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of the Company’s stock options and stock awards granted during the three fiscal quarters ended June 27, 2017. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the employees who receive equity awards. During the three quarters ended June 27, 2017, the Company granted a total of 151,834 incentive stock options, from available shares under its 2008 Plan, as amended, with exercise prices between $3.05 and $3.15 and per-share weighted average fair values between $2.17 and $2.30. During the three quarters ended June 30, 2016, the Company granted a total of 22,686 non-statutory stock options and a total of 65,743 incentive stock options, from available shares under its 2008 Plan, as amended, with exercise prices between of $4.04 and $6.23 and per-share weighted average fair values between $2.85 and $4.52. In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table: Fiscal 2017 Fiscal 2016 Incentive and Expected term (years) 6.5 to 7.5 6.5 to 7.5 Expected volatility 75.41% to 80.70% 79.75% to 89.08% Risk-free interest rate 1.49% to 2.40% 1.45% to 2.07% Expected dividends 0 0 We estimate expected volatility based on historical weekly price changes of our common stock for a period equal to the current expected term of the options. The risk-free interest rate is based on the United States treasury yields in effect at the time of grant corresponding with the expected term of the options. The expected option term is the number of years we estimate that options will be outstanding prior to exercise considering vesting schedules and our historical exercise patterns. The following table summarizes stock option activity for the three quarters ended June 27, 2017 under all plans: Shares Weighted Weighted Avg. Outstanding-at beginning of year 586,083 $ 4.99 Options granted 151,834 $ 3.13 Options exercised 0 Forfeited (3,132 ) $ 7.66 Expired (15,217 ) $ 19.14 Outstanding June 27, 2017 719,568 $ 4.29 7.1 Exercisable June 27, 2017 437,507 $ 4.10 5.9 As of June 27, 2017, the aggregate intrinsic value of the outstanding and exercisable options was $376,000 and $326,000, respectively. Only options whose exercise price is below the current market price of the underlying stock are included in the intrinsic value calculation. As of June 27, 2017, the total remaining unrecognized compensation cost related to non-vested stock options was $714,000 and is expected to be recognized over a weighted average period of approximately 1.8 years. There were no stock options exercised during the three quarters ended June 27, 2017 and 19,531 stock options exercised during the three quarters ended June 30, 2016 with proceeds of $39,000. Restricted Stock Grants During the three quarters ended June 27, 2017, the Company granted a total of 103,440 shares of restricted stock from available shares under its 2008 Plan, as amended. The shares were issued with grant date fair market values of $3.15 and $3.20 which is equal to the closing price of the stock on the date of the grants. The restricted stock grants vest between three months and three years following the grant date. During the three quarters ended June 30, 2016, the Company granted a total of 44,755 shares of restricted stock from available shares under its 2008 Plan, as amended. The shares were issued with a grant date fair market value of $4.18 which is equal to the closing price of the stock on the date of the grants. The restricted stock grants vest over three years following the grant date. A summary of the status of non-vested restricted stock as of June 27, 2017 is presented below. Shares Grant Date Fair Non-vested shares at beg of year 180,916 $3.23 to $8.60 Granted 103,440 $3.15 to $3.20 Vested (20,815) $3.20 to $8.23 Non-vested shares at June 27, 2017 263,541 $3.15 to $8.60 As of June 27, 2017, there was $402,000 of total unrecognized compensation cost related to non-vested restricted stock. This cost is expected to be recognized over a weighted average period of approximately 1.4 years. |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt | 9 Months Ended |
Jun. 27, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable and Long-Term Debt | Note 5. Notes Payable and Long-Term Debt Bridge Funding Credit Facility On July 30, 2014 Drive Thru entered into a Development Line Loan and Security Agreement with United Capital Business Lending, whose name was changed to Bridge Funding Group in February 2016 (“Lender”), pursuant to which Lender agreed to loan Drive Thru up to $2,100,000 (the “Loan Agreement”) and entered into a Collateral Assignment of Franchise Agreements, Management Agreement and Partnership Interests with Lender. In addition, on July 30, 2014, the Company entered into a Guaranty Agreement (the “Guaranty Agreement”) with Lender, pursuant to which the Company guaranteed the repayment of the Loan. The Loan Agreement, Collateral Assignment, Notes (as defined below) and Guaranty Agreement are referred to herein as the “Loan Documents.” In connection with each disbursement under the Loan Agreement, Drive Thru executed a Promissory Note (the “Notes”) in the full amount of each disbursement request. The Notes incurred interest at a rate of 6.69% per annum, were repayable in monthly installments of principal and interest over 84 months, and contained other customary terms and conditions. The Notes were subject to certain prepayment fees ranging between 1% and 3% of the unpaid balance at such time if Drive Thru repaid a Note in certain circumstances prior to the thirty-seventh monthly installment under such Note. All promissory notes associated with the Loan Agreement, including all accrued interest, were paid in full on September 9, 2016, and the Loan Agreement with the Lender was terminated. In connection with the termination of the Loan Agreement, the Company incurred Debt Extinguishment Costs of $57,000 for the fiscal year ended September 27, 2016 as a result of $20,000 of prepayment fees paid to Lender and the write off of $37,000 in unamortized loan fees associated with the Loan Agreement. Cadence Credit Facility On September 8, 2016 the Company entered into a credit agreement with Cadence Bank (“Cadence”) pursuant to which Cadence agreed to loan the Company up to $9,000,000 (the “Cadence Credit Facility”). The Cadence Credit Facility will mature on September 8, 2019 and accrues commitment fees on the daily unused balance of the facility at a rate of 0.25%. All borrowings under the Cadence Credit Facility bear interest at a variable rate based upon the Company’s election of (i) 3.0% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.125% floor, plus 4.0%. Interest is due at the end of each calendar quarter if the Company selects to pay interest based on the base rate and at the end of each LIBOR period if it elects to pay interest based on LIBOR. The effective rate of interest as of June 27, 2017 was 5.08%. The Cadence Credit Facility contains certain affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum leverage ratio of 5.35:1 and a minimum fixed charge coverage ratio of 1.25:1. As of June 27, 2017, the Company was in compliance with its covenants. As a result of entering into the Cadence Credit Facility, the Company paid loan origination costs including professional fees of approximately $173,000 and will amortize these costs over the term of the credit agreement. The obligations under the Cadence Credit Facility are collateralized by a first priority lien on substantially all of the Company’s assets. As of June 27, 2017 the Company had borrowed $4,100,000 against the Cadence Credit Facility. BDI Note In May 2015, in connection with the BDI purchase, the Company entered into a one-year secured promissory note bearing interest at 3.25 percent in the amount of $2,414,000. The entire note and all accrued interest was paid in full on May 6, 2016. |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 9 Months Ended |
Jun. 27, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Share | Note 6. Net Income (Loss) per Common Share Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options, restricted stock grants and warrants (which were assumed to have been exercised at the average market price of the common shares during the reporting period). The treasury stock method is used to measure the dilutive impact of in-the-money stock options. Options and restricted stock grants for 983,109 and 306,596 shares of common stock were not included in computing diluted EPS for the quarters ending June 27, 2017 and June 30, 2016, respectively, because their effects were anti-dilutive. Options and restricted stock grants for 983,109 and 760,564 shares of common stock were not included in computing diluted EPS for the three quarters ended June 27, 2017 and June 30, 2016, respectively, because their effects were anti-dilutive. |
Contingent Liabilities and Liqu
Contingent Liabilities and Liquidity | 9 Months Ended |
Jun. 27, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Liquidity | Note 7. Contingent Liabilities and Liquidity We remain contingently liable on various leases underlying restaurants that were previously sold to franchisees. We have never experienced any losses related to these contingent lease liabilities, however if a franchisee defaults on the payments under the leases, we would be liable for the lease payments as the assignor or sub-lessor of the lease. Currently we have not been notified nor are we aware of any leases in default by the franchisees, however there can be no assurance that there will not be in the future which could have a material effect on our future operating results. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets and Goodwill | 9 Months Ended |
Jun. 27, 2017 | |
Goodwill and Intangible Asset Impairment [Abstract] | |
Impairment of Long-Lived Assets and Goodwill | Note 8. Impairment of Long-Lived Assets and Goodwill Long-Lived Assets. Given the results of our impairment analysis at June 27, 2017, there are no restaurants which are impaired. Trademarks. Goodwill. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 27, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes We account for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. The deferred tax assets are reviewed periodically for recoverability and valuation allowances are adjusted as necessary. The Company has significant net operating loss carry-forwards from prior years and incurred additional net operating losses during the three quarters ended June 27, 2017 and June 30, 2016. These losses resulted in an increase in the related deferred tax assets; however, valuation allowances were provided which reduced these deferred tax assets to zero; therefore, no income tax provision or benefit was recognized for the three quarters ended June 27, 2017 and June 30, 2016 resulting in an effective income tax rate of 0% for both periods. The Company is subject to taxation in various jurisdictions. The Company continues to remain subject to examination by U.S. federal authorities for the years 2013 through 2016. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. No accrual for interest and penalties was considered necessary as of June 27, 2017. |
Non-controlling Interests
Non-controlling Interests | 9 Months Ended |
Jun. 27, 2017 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interests | Note 10. Non-controlling Interests Non-controlling interests are presented as a separate item in the stockholders’ equity section of the condensed consolidated balance sheet. The amount of consolidated net income or loss attributable to non-controlling interests is presented on the face of the condensed consolidated statement of operations. Changes in a parent’s ownership interest in a subsidiary that do not result in deconsolidation are equity transactions, while changes in ownership interest that do result in deconsolidation of a subsidiary require gain or loss recognition based on the fair value on the deconsolidation date. The equity interests of the unrelated limited partners and members are shown on the accompanying consolidated balance sheet in the stockholders’ equity section as a non-controlling interest and is adjusted each period to reflect the limited partners’ and members’ share of the net income or loss as well as any cash contributions or distributions to or from the limited partners and members for the period. The limited partners’ and members’ share of the net income or loss in the subsidiary is shown as non-controlling interest income or expense in the accompanying consolidated statement of operations. All inter-company accounts and transactions are eliminated. The following table summarizes the activity in non-controlling interests during the three quarters ended June 27, 2017 (in thousands): Good Times Bad Daddy’s Total Balance at September 27, 2016 $ 356 $ 1,364 $ 1,720 Income $ 266 $ 233 $ 499 Contributions $ 0 $ 834 $ 834 Distributions/buy out $ (208 ) $ (565 ) $ (773 ) Balance at June 27, 2017 $ 414 $ 1,866 $ 2,280 Prior to the acquisition of BDI our non-controlling interest consisted of one joint venture partnership involving Good Times restaurants. As part of the acquisition of BDI additional non-controlling interests were acquired in three joint venture entities. Two additional joint venture entities were established, one in fiscal 2016 to fund the construction and operate a Bad Daddy’s in North Carolina that opened in January 2017, and one in fiscal 2017 to fund the construction and operate a Bad Daddy’s in North Carolina that opened in May 2017. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jun. 27, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 11. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02, Leases (Topic 842), (ASU 2016-02), which replaces the existing guidance in Accounting Standard Codification 840, Leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. The Company is currently assessing the impact that adoption of ASU 2016-02 will have on its consolidated financial position or results of operations, but expect that it will result in a significant increase in our long-term assets and liabilities given we have a significant number of leases. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The areas for simplification include income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016 and early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on its financial statements and disclosures. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Jun. 27, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 12. Segment Reporting All of our Good Times Burgers and Frozen Custard restaurants (Good Times) compete in the quick-service drive-through dining industry while our Bad Daddy’s Burger Bar restaurants (Bad Daddy’s) compete in the full-service upscale casual dining industry. We believe that providing this additional financial information for each of our brands will provide a better understanding of our overall operating results. Income (loss) from operations represents revenues less restaurant operating costs and expenses, directly allocable general and administrative expenses, and other restaurant-level expenses directly associated with each brand including depreciation and amortization, pre-opening costs and losses or gains on disposal of property and equipment. Unallocated corporate capital expenditures are presented below as reconciling items to the amounts presented in the consolidated financial statements. The following tables present information about our reportable segments for the respective periods (in thousands): Quarter Ended Three Quarters Ended Jun 2017 Jun 2016 Jun 2017 Jun 2016 Revenues Good Times $ 8,634 $ 7,806 $ 22,550 $ 21,631 Bad Daddy’s 13,068 10,260 33,946 25,591 $ 21,702 $ 18,066 $ 56,496 $ 47,222 Income (Loss) from operations Good Times $ 421 $ 479 $ 82 $ 432 Bad Daddy’s (244 ) 513 (540 ) (514 ) Corporate (162 ) (144 ) (528 ) (432 ) $ 15 $ 848 $ (986 ) $ (514 ) Capital expenditures Good Times $ 1,677 $ 160 $ 4,560 $ 852 Bad Daddy’s 2,737 546 6,404 5,967 Corporate 67 11 214 91 $ 4,481 $ 717 $ 11,178 $ 6,910 Jun 27, 2017 Sep 27, 2016 Property and equipment, net Good Times $ 7,387 $ 5,268 Bad Daddy’s 19,610 14,174 Corporate 448 157 $ 27,445 $ 19,599 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jun. 27, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table presents goodwill and intangible assets as of June 27, 2017 and September 27, 2016 (in thousands): Jun 27, 2017 Sep 27, 2016 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets subject to Franchise rights 116 (52 ) 64 116 (34 ) 82 Non-compete agreements 15 (12 ) 3 15 (8 ) 7 $ 131 $ (64 ) $ 67 $ 131 $ (42 ) $ 89 Indefinite-lived intangible Trademarks $ 3,900 $ 0 $ 3,900 $ 3,900 $ 0 $ 3,900 Intangible assets, net $ 4,031 $ (64 ) $ 3,967 $ 4,031 $ (42 ) $ 3,989 Goodwill $ 15,150 $ 0 $ 15,150 $ 15,076 $ 0 $ 15,076 |
Schedule of Estimated Aggregate Future Amortization Expense For Finite-Lived Intangible Assets | The estimated aggregate future amortization expense as of June 27, 2017 is as follows (in thousands): Remainder of 2017 $ 6 2018 19 2019 10 2020 10 2021 10 Thereafter 12 $ 67 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Jun. 27, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants | In addition to the exercise and grant date prices of the stock option awards, certain weighted average assumptions that were used to estimate the fair value of stock option grants are listed in the following table: Fiscal 2017 Fiscal 2016 Incentive and Expected term (years) 6.5 to 7.5 6.5 to 7.5 Expected volatility 75.41% to 80.70% 79.75% to 89.08% Risk-free interest rate 1.49% to 2.40% 1.45% to 2.07% Expected dividends 0 0 |
Summary of Stock Option Activity under Share Based Compensation Plan | The following table summarizes stock option activity for the three quarters ended June 27, 2017 under all plans: Shares Weighted Weighted Avg. Outstanding-at beginning of year 586,083 $ 4.99 Options granted 151,834 $ 3.13 Options exercised 0 Forfeited (3,132 ) $ 7.66 Expired (15,217 ) $ 19.14 Outstanding June 27, 2017 719,568 $ 4.29 7.1 Exercisable June 27, 2017 437,507 $ 4.10 5.9 |
Schedule of Non-vested Restricted Stock Activity | A summary of the status of non-vested restricted stock as of June 27, 2017 is presented below. Shares Grant Date Fair Non-vested shares at beg of year 180,916 $3.23 to $8.60 Granted 103,440 $3.15 to $3.20 Vested (20,815) $3.20 to $8.23 Non-vested shares at June 27, 2017 263,541 $3.15 to $8.60 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 9 Months Ended |
Jun. 27, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interest | The following table summarizes the activity in non-controlling interests during the three quarters ended June 27, 2017 (in thousands): Good Times Bad Daddy’s Total Balance at September 27, 2016 $ 356 $ 1,364 $ 1,720 Income $ 266 $ 233 $ 499 Contributions $ 0 $ 834 $ 834 Distributions/buy out $ (208 ) $ (565 ) $ (773 ) Balance at June 27, 2017 $ 414 $ 1,866 $ 2,280 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Jun. 27, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments | The following tables present information about our reportable segments for the respective periods (in thousands): Quarter Ended Three Quarters Ended Jun 2017 Jun 2016 Jun 2017 Jun 2016 Revenues Good Times $ 8,634 $ 7,806 $ 22,550 $ 21,631 Bad Daddy’s 13,068 10,260 33,946 25,591 $ 21,702 $ 18,066 $ 56,496 $ 47,222 Income (Loss) from operations Good Times $ 421 $ 479 $ 82 $ 432 Bad Daddy’s (244 ) 513 (540 ) (514 ) Corporate (162 ) (144 ) (528 ) (432 ) $ 15 $ 848 $ (986 ) $ (514 ) Capital expenditures Good Times $ 1,677 $ 160 $ 4,560 $ 852 Bad Daddy’s 2,737 546 6,404 5,967 Corporate 67 11 214 91 $ 4,481 $ 717 $ 11,178 $ 6,910 Jun 27, 2017 Sep 27, 2016 Property and equipment, net Good Times $ 7,387 $ 5,268 Bad Daddy’s 19,610 14,174 Corporate 448 157 $ 27,445 $ 19,599 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Dec. 27, 2016 | Dec. 31, 2015 | Mar. 27, 2017 | Mar. 31, 2016 | Jun. 27, 2017 | Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Advertising Costs | $ 271 | $ 282 | $ 271 | $ 282 | $ 271 | $ 282 |
Goodwill and Intangible Asset23
Goodwill and Intangible Assets (Narrative) (Details) $ in Thousands | 9 Months Ended |
Jun. 27, 2017USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization of Intangible Assets | $ 21 |
Goodwill and Intangible Asset24
Goodwill and Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Thousands | Jun. 27, 2017 | Sep. 27, 2016 |
Gross Carrying Amount | $ 131 | $ 131 |
Accumulated Amortization | (64) | (42) |
Net Carrying Amount | 67 | 89 |
Franchise rights [Member] | ||
Gross Carrying Amount | 116 | 116 |
Accumulated Amortization | (52) | (34) |
Net Carrying Amount | 64 | 82 |
Non-compete agreements [Member] | ||
Gross Carrying Amount | 15 | 15 |
Accumulated Amortization | (12) | (8) |
Net Carrying Amount | $ 3 | $ 7 |
Goodwill and Intangible Asset25
Goodwill and Intangible Assets (Indefinite-lived Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 27, 2017 | Sep. 27, 2016 |
Trademarks and Trade Names [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 3,900 | $ 3,900 |
Goodwill and Intangible Asset26
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 27, 2017 | Sep. 27, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets, gross carrying amount | $ 4,031 | $ 4,031 |
Accumulated Amortization | (64) | (42) |
Intangible Assets, net carrying amount | 3,967 | 3,989 |
Goodwill, gross carrying amount | 15,150 | 15,076 |
Goodwill, Accumulated Amortization | 0 | 0 |
Goodwill, net carrying amount | $ 15,150 | $ 15,076 |
Goodwill and Intangible Asset27
Goodwill and Intangible Assets (Estimated Aggregate Future Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 27, 2017 | Sep. 27, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2017 | $ 6 | |
2,018 | 19 | |
2,019 | 10 | |
2,020 | 10 | |
2,021 | 10 | |
Thereafter | 12 | |
Net Carrying Amount | $ 67 | $ 89 |
Common Stock (Details)
Common Stock (Details) - USD ($) | May 07, 2015 | Dec. 27, 2015 |
Class of Stock Disclosures [Abstract] | ||
Aggregate amount of stock value authorized by SEC to be issued | $ 75,000,000 | |
Aggregate amount of stock value issued under S-3 | $ 22,688,052 | |
Number of shares issued | 2,783,810 | |
Price per share issued | $ 8.15 | |
Proceeds from shares issued | $ 20,600,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Jun. 27, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 609 | $ 532 |
Stock options granted, shares | 151,834 | |
Stock options granted, exercise price | $ 3.13 | |
Stock options exercised, shares | 0 | 19,531 |
Proceeds from stock option exercises | $ 0 | $ 39 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate Intrinsic Value, Outstanding | 376 | |
Aggregate Intrinsic Value, Exercisable | 326 | |
Remaining total unrecognized compensation cost related to unvested stock-based arrangements | $ 714 | |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | 1 year 9 months 18 days | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted, shares | 103,440 | 44,755 |
Restricted stock granted, weighted average grant date fair value per share | $ 4.18 | |
Remaining total unrecognized compensation cost related to unvested stock-based arrangements | $ 402 | |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | 1 year 4 months 24 days | |
Restricted Stock [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted, weighted average grant date fair value per share | $ 3.15 | |
Restricted Stock [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted, weighted average grant date fair value per share | $ 3.20 | |
Incentive Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted, shares | 151,834 | 65,743 |
Non Statutory Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted, shares | 22,686 | |
Non Statutory Stock Options [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted, exercise price | $ 3.05 | $ 4.04 |
Stock options granted, per-share weighted average fair value | 2.17 | 2.85 |
Non Statutory Stock Options [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted, exercise price | 3.15 | 6.23 |
Stock options granted, per-share weighted average fair value | $ 2.30 | $ 4.52 |
Stock-Based Compensation (Weigh
Stock-Based Compensation (Weighted Average Assumptions Used to Estimate Fair Value of Stock Option Grants) (Details) - Incentive and Non-Statutory Stock Options [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 27, 2017 | Sep. 27, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum | 75.41% | 79.75% |
Expected volatility, maximum | 80.70% | 89.08% |
Risk free interest rate, minimum | 1.49% | 1.45% |
Risk free interest rate, maximum | 2.40% | 2.07% |
Expected dividends | $ 0 | $ 0 |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 years 6 months | 6 years 6 months |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 7 years 6 months | 7 years 6 months |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Option Activity under Share Based Compensation Plan) (Details) - $ / shares | 9 Months Ended | |
Jun. 27, 2017 | Jun. 30, 2016 | |
Shares | ||
Outstanding-beginning of year | 586,083 | |
Options granted | 151,834 | |
Options exercised | 0 | 19,531 |
Forfeited | (3,132) | |
Expired | (15,217) | |
Outstanding June 27, 2017 | 719,568 | |
Exercisable June 27, 2017 | 437,507 | |
Weighted Average Exercise Price | ||
Outstanding-beginning of year | $ 4.99 | |
Options granted | 3.13 | |
Forfeited | 7.66 | |
Expired | 19.14 | |
Outstanding June 27, 2017 | 4.29 | |
Exercisable June 27, 2017 | $ 4.10 | |
Weighted Average Remaining Contractual Life (Yrs.) | ||
Outstanding June 27, 2017 | 7 years 1 month 6 days | |
Exercisable June 27, 2017 | 5 years 10 months 25 days |
Stock-Based Compensation (Sum32
Stock-Based Compensation (Summary of Non-vested Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Jun. 27, 2017 | Jun. 30, 2016 | |
Shares | ||
Non-vested shares at beg of year | 180,916 | |
Granted | 103,440 | 44,755 |
Vested | (20,815) | |
Non-vested shares at June 27, 2017 | 263,541 | |
Grant Date Fair Value Per Share | ||
Granted | $ 4.18 | |
Minimum [Member] | ||
Grant Date Fair Value Per Share | ||
Non-vested shares | $ 3.23 | |
Granted | 3.15 | |
Vested | 3.20 | |
Non-vested shares at June 27, 2017 | 3.15 | |
Maximum [Member] | ||
Grant Date Fair Value Per Share | ||
Non-vested shares | 8.60 | |
Granted | 3.20 | |
Vested | 8.23 | |
Non-vested shares at June 27, 2017 | $ 8.60 |
Notes Payable and Long-Term D33
Notes Payable and Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 08, 2016 | May 07, 2015 | Jul. 30, 2014 | Jun. 27, 2017 | Jun. 30, 2016 | Sep. 27, 2016 |
Debt Instrument [Line Items] | ||||||
Loan Agreement, amount | $ 2,414 | |||||
Borrowings on notes payable and long-term debt | $ 4,100 | $ 0 | ||||
Good Times Drive Thru Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan Agreement, amount | $ 2,100 | |||||
Promissory Note [Member] | Good Times Drive Thru Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.69% | |||||
Frequency of payment | monthly | |||||
Payment period | 84 months | |||||
Debt Extinguishment Costs | $ 57 | |||||
Prepayment of fees | 20 | |||||
Write off of unamortized loan fees | $ 37 | |||||
Promissory Note [Member] | Minimum [Member] | Good Times Drive Thru Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment fees, percent | 1.00% | |||||
Promissory Note [Member] | Maximum [Member] | Good Times Drive Thru Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment fees, percent | 3.00% | |||||
Cadence Credit Facility [Member] | Good Times Drive Thru Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan Agreement, amount | $ 9,000 | |||||
Interest rate | 0.25% | 5.08% | ||||
Maturity date | Sep. 8, 2019 | |||||
Interest rate description | All borrowings under the Cadence Credit Facility bear interest at a variable rate based upon the Company’s election of (i) 3.0% plus the base rate, which is the highest of the (a) Federal Funds Rate plus 0.5%, (b) the Cadence bank publicly-announced prime rate, and (c) LIBOR plus 1.0%, or (ii) LIBOR, with a 0.125% floor, plus 4.0%. | |||||
Payment of debt issuance costs | $ 173 | |||||
Line of credit | $ 4,100 | |||||
Bad Daddy's International, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.25% | |||||
Payment period | 1 year |
Net Income (Loss) per Common 34
Net Income (Loss) per Common Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2017 | Jun. 30, 2016 | Jun. 27, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from diluted EPS computation | 983,109 | 306,596 | 983,109 | 760,564 |
Impairment of Long-Lived Asse35
Impairment of Long-Lived Assets and Goodwill (Details) $ in Thousands | 9 Months Ended | ||
Jun. 27, 2017USD ($)restaurants | May 07, 2017USD ($) | Sep. 27, 2016USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Number of restaurants impaired | restaurants | 0 | ||
Goodwill | $ 15,150 | $ 15,076 | |
Good Times Drive Thru Inc. [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill | 96 | ||
Bad Daddy's Franchise Development, LLC [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill | $ 14,980 | $ 74 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 27, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | |
Income Tax Examination [Line Items] | |||
Deferred tax assets | $ 0 | $ 0 | |
Income tax provision or benefit | $ 0 | $ 0 | |
Effective income tax rate | 0.00% | 0.00% | |
Reserves for uncertain tax positions | 0 | ||
Accrual for interest and penalties | $ 0 | ||
Minimum [Member] | |||
Income Tax Examination [Line Items] | |||
Years subject to income tax examination | 2,013 | ||
Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Years subject to income tax examination | 2,016 |
Non-controlling Interests (Deta
Non-controlling Interests (Details) $ in Thousands | 9 Months Ended |
Jun. 27, 2017USD ($) | |
Noncontrolling Interest [Line Items] | |
Balance at September 27, 2016 | $ 1,720 |
Income | 499 |
Contributions | 834 |
Distributions/buy out | (773) |
Balance at June 27, 2017 | 2,280 |
Good Times Drive Thru Inc. [Member] | |
Noncontrolling Interest [Line Items] | |
Balance at September 27, 2016 | 356 |
Income | 266 |
Contributions | 0 |
Distributions/buy out | (208) |
Balance at June 27, 2017 | 414 |
Bad Daddy's International, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Balance at September 27, 2016 | 1,364 |
Income | 233 |
Contributions | 834 |
Distributions/buy out | (565) |
Balance at June 27, 2017 | $ 1,866 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 27, 2017 | Jun. 30, 2016 | Jun. 27, 2017 | Jun. 30, 2016 | Sep. 27, 2016 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 21,702 | $ 18,066 | $ 56,496 | $ 47,222 | |
Income (Loss) from operations | 15 | 848 | (986) | (514) | |
Capital expenditures | 4,481 | 717 | 11,178 | 6,910 | |
Property and equipment, net | 27,445 | 27,445 | $ 19,599 | ||
Good Times Burgers And Frozen Custard Restaurants [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 8,634 | 7,806 | 22,550 | 21,631 | |
Income (Loss) from operations | 421 | 479 | 82 | 432 | |
Capital expenditures | 1,677 | 160 | 4,560 | 852 | |
Property and equipment, net | 7,387 | 7,387 | 5,268 | ||
Bad Daddys Burger Bar Restaurant [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 13,068 | 10,260 | 33,946 | 25,591 | |
Income (Loss) from operations | (244) | 513 | (540) | (514) | |
Capital expenditures | 2,737 | 546 | 6,404 | 5,967 | |
Property and equipment, net | 19,610 | 19,610 | 14,174 | ||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (Loss) from operations | (162) | (144) | (528) | (432) | |
Capital expenditures | 67 | $ 11 | 214 | $ 91 | |
Property and equipment, net | $ 448 | $ 448 | $ 157 |